丨证券研究报告丨 行业研究丨行业周报丨公用事业 [Table_Title] 异常高温带动电量加速增长，水电延续强势火电 显著修复 报告要点 [Table_Summary] 10 月份全国统计口径发电机组发电量同比增长 7.9%，受 10 月中上旬南方异常高温影响，创 下年内单月最高增速。细分来看，用电需求高增叠加清洁能源挤压减弱，火电单月增速大幅转 正，10 月份火电发电量同比增长 7.3%，带动 1-10 月降幅收窄至 0.4%。水电方面，来水持续 改善叠加去年同期基数偏低，水电延续强势表现，10 月发电量同比提升 28.2%。非水清洁能源 方面，10 月风况延续偏弱叠加基数偏高，风电发电量同比减少 11.9%，降幅扩大 4.3pct，光伏 发电量同比增长 5.9%，增速环比回落 15.2pct；核电发电量同比增长 4.2%，保持稳健增长。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 请阅读最后评级说明和重要声明 %% %% %% % ...

Core Viewpoint - The report from Huatai Securities estimates a 3.2% year-on-year increase in national electricity generation in July 2025, reaching 924.9 billion kWh, with specific projections for different energy sources [1] Group 1: Electricity Generation Projections - The estimated electricity generation for July 2025 is 924.9 billion kWh, adjusted for the 2024 base year [1] - The projected year-on-year growth rates for various energy sources are as follows: thermal power +1.1% to 581.1 billion kWh, hydropower -1.8% to 163.4 billion kWh, and wind, solar, and nuclear power +27.3% to 180.4 billion kWh [1] Group 2: Seasonal Demand and Supply Dynamics - The report highlights a strong correlation between electricity production and demand during the peak summer season, with thermal and hydropower serving as the main support sources [1] - Hydropower output is expected to improve significantly compared to June, leading to a reduction in the year-on-year decline [1] - Despite potential competition from recovering hydropower output, thermal power generation is anticipated to maintain positive growth momentum due to high summer temperatures and sustained peak load demand [1]